GAN Integrity has partnered with Control Risks to launch a new third-party due diligence solution to help compliance teams manage third-party risk.
The solution, dubbed Vantage, combines GAN’s compliance management software platform with Control Risks’ due diligence capabilities to create a fully digitised compliance process.
“Organisations are relying more than ever on a complex web of global partners to deliver critical support to their businesses,” said Greg Esslinger, senior partner at Control Risks.
“The financial and reputational risks presented by these third parties are not only increasing, but must be constantly monitored and addressed as part of any compliance program. Technology is essential when compliance officers are facing a growing responsibility without a corresponding increase in resources.”
Accessed through a single platform, Vantage will enable organisations to focus their efforts on mitigating risk instead of managing multiple vendors, tools, and services according to the companies.
It consists of core modules including third-party onboarding; tiered screening options from automated database checks to in-country due diligence; risk assessments and questionnaires; approval workflows and active monitoring.
The solution enables compliance teams to adopt a fully automated, risk-based, approach to managing third-party risk, with vantage bringing all of these capabilities into one platform.
“Control Risks and GAN Integrity recognize these challenges and share a passion for finding flexible technology driven solutions,” Esslinger added.
“With Vantage, we now offer a best-in-class due diligence product to help clients create a third-party risk management program that can withstand the scrutiny of regulators and live up to the expectations of boards and shareholders.”
Last year, GAN Integrity raised $9m in a Series A round led by Edison Partners. Its aim is to reduce corporate risk and eliminate thousands of hours of paperwork. The company claims its software can transform the way compliance programs operate by bringing critical compliance applications and data together into a single, fully integrated cloud based platform.
With offices in New York, Copenhagen, Denmark, the company’s compliance management software offers applications including training, policy management, third-party due diligence, whistleblower hotline, case management, and reporting.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
